By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar jumped higher on Thursday morning as its United States counterpart tumbled.
As of 8:45 am CDT, the loonie was at US$0.7112 or US$1=C$1.4061 compared to Wednesday’s close of US$0.7067 or US$1=C$1.4150. On the U.S. Dollar Index, the greenback dropped 1.223 points at 101.390.
Yesterday, U.S. President Donald Trump announced he will pause his worldwide reciprocal tariffs for 90 days, which generated sharp increases in the markets. However, Trump raised tariffs on China to 125 per cent, further fueling the trade war.
That made benchmark crude oil prices weaker on Thursday morning. Brent crude oil dropped US$2.59 at US$62.89 per barrel and West Texas Intermediate lost US$2.66 at US$59.69.
The TSX/S&P Composite Index fell 620.04 points at 23,106.99.
Gold advanced US$59.60 at US$3,139.00 per ounce.
